A few more thoughts on the bill decreasing pension benefits for new employees.
First up, I think the bill should be called “decreasing pension benefits for new employees and existing retirees” bill. After all if the legislature makes a decision that retirees don’t need to keep up with the cost of living then isn’t that reduction of benefits?
Second, why is this piece of legislation a separate bill and not an amendment to the bill decreasing pension benefits for new employees? Why would Greg Stumbo make this a standalone bill? Stumbo, a master of legislative process, must have a reason.
AN ACT relating to retirement. Amend KRS 61.510 and 78.510 to extend the high-three final compensation window set to expire January 1, 2009, for the remaining term of office of an elected official who is eligible to retire and receive the benefit as of January 1, 2009; amend KRS 61.595 to extend the 2.2 percent benefit factor window set to expire January 31, 2009, for the remaining term of office of an elected official who is eligible to retire and receive the benefit as of January 1, 2009.
And third, speaking of amendments to the bill decreasing pension benefits for new employees, Jim Wayne comes through again. The Public Pension Advisory Commission must be as insulated as possible from the money interests current making obscene profits from the retirement systems.
HFA (8, J. Wayne) - Require all members of the Kentucky Public Pension Financing Advisory Commission to comply with the Executive Branch Code of Ethics established in KRS Chapter 11A; prohibit any member from having any direct or indirect interest in commission findings or recommendations that puts the member's personal interest in conflict with his duties on the commission; require any investment advisor contracted by the commission to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct; prohibit any investment advisor from serving simultaneously as an investment advisor to the commission and one of the state-administered retirement systems; amend KRS 11A.010 of the Executive Branch Ethics Code to include the members of the Kentucky Public Pension Financing Commission in the definition of "officer," thereby applying the code guidelines and financial disclosure requirements to the commission members.